can i use equity as a deposit for moving house

Yes, it is possible. Equity is the monetary value that you have built up in your property. This means it's the current market value of your property subtracted by any loan amount you still owe. If the equity is substantial, you can use it as a deposit when moving house.

You can access it by either selling your property or borrowing against it. The latter option, often called a Home Equity Line of Credit (HELOC) or home equity loan, essentially turns your equity into a credit line that you can borrow against.

While it gives you bigger purchasing power, it is not without risks. The significant one is overleveraging - borrowing more than your property is worth - if property prices fall. This can lead to negative equity, where you owe more than what your property is worth. It's crucial to consider these risks and consult with a financial advisor.